Pan United Corporation

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#11
REVENUE
Gross margin18.82%
Net profit margin6.87%
Operating margin9.20%

NET INCOME
Return on assets9.01%
Return on equity14.61%
Return on investment12.87%

DIVIDEND PER SHARE
Div yield(5 year avg)6.32%
Div growth rate (5 year)-2.11%
Payout ratio (TTM)73.93%

EARNINGS PER SHARE
EPS growth(5 years)5.15
EPS (TTM) vs
TTM 1 year ago0.5982

CASH FLOW
Cash flow per share0.1256
Price/Cash flow per share7.34

CASH
Book value per share0.4646
Tangible book value per share0.4604

TOTAL ASSETS
Current ratio1.73
Quick ratio1.55

TOTAL DEBT
Total debt/total equity0.5213
Total debt/total capital0.3274
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#12
SINGAPORE 19 February 2014

Pan-United Corporation Ltd (PUC, the Group or æ³èéå¢), through its 85.5%-owned Changshu Xinghua Port Co., Ltd (CXP), is pleased to announce the acquisition of a 90% stake in a multi-purpose port, Changshu Changjiang International Port Co., Ltd (CCIP), for RMB436.5 million (approximately S$91.3 million).

[Image: V4Oesyc.png]

CXP will acquire 90% of CCIP from Changshu Binjiang Urban Construction Investment & Management Co. Ltd (CBUC) under an agreement dated 18 February 2014. CBUC will retain a 10% stake in CCIP. The purchase is expected to be completed by 25 March 2014. CBUC is wholly-owned by Jiangsu Changshu Economic Development Group (JCED), which also owns a 5% direct stake in CXP. CXP expects to finance its purchase of CCIP with cash and bank borrowings.

Located adjacent to CXP, CCIP will increase overall handling capacity by 60% to 16.0 million tons per annum, and expand the current berth length from 1.7 km to 2.8 km. The total land area will also climb, by 35%, to 1.36 sq km and warehousing space by 67% to 175,000 sq m.

Ms May Ng (é»ç¾ç¾), the Groupâs Chief Executive Officer, said: âThe acquisition enhances the facilities we can offer to our customers as well as provides increased capacity for domestic cargoes. By scaling up our port business, we can achieve commercial and operational synergies and efficiency. We are confident of improving returns from the port and creating more shareholder value in the medium term.

âWith two multi-purpose ports in our stable, we expect to increase our market share and boost our position as one of Chinaâs key logistics hubs serving the industrial hinterland along the Yangtze River. This move is also in line with PUCâs strategy to expand its core businesses and raise the Groupâs foreign-sourced income.â

Currently among the top 10 river ports in China, CXP is a key hub for pulp, logs and finished steel products for the Chinese market. As at September 2013, CXP handled over 16% of Chinaâs pulp imports and 18% of the nation's log imports from New Zealand.

CCIP, which became operational in November 2012, will contribute immediately to PUCâs port revenue. Although CCIP recorded a 30% utilisation rate in FY2013, the Group is positive that by leveraging on CXPâs track record and its strength in handling bulk cargoes, significant volume growth can be achieved for CCIP.

Ms Ng added: âThe expanded port will allow us to optimise the joint facilities and operational efficiencies as CXP can focus on larger ships while CCIP will concentrate on smaller vessels and domestic cargo.â

http://infopub.sgx.com/Apps?A=COW_Corpor...elease.pdf
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#13
The risks in the Chinese port operations biz will be the slow down of manufacturing imo.

But i like the cement biz locally with so many trucks buzzing along SG roads and off roads.

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[Image: dxf2Js9.png]

Explaining the reasons behind the proposed acquisition, the company said that as part of its growth plans, the Group has been exploring avenues to tap strategic opportunities to grow its core businesses. The proposed acquisition is in line with the group's objective of expanding its port and logistics businesses.

CXP operates the multi-purpose cargo port located within a high growth industrial zone along the Yangtze River, 90 kilometres west of Shanghai. CCIP, which is located just adjacent to CXP, operates a break bulk cargo port similar to CXP but smaller in design throughput and size. As the operations of CCIP and CXP are complementary and the ports are located next to each other, the Company is of the opinion that CCIP will provide commercial and operational synergies with the current operations of CXP.

The company expects that if the operations of both port facilities are integrated, economies of scale can be achieved and this would lead to value-added expansion and the optimising of its operations in Changshu over time. In this connection, the integration of the two (2) ports would also result in the diversification, expansion and stability of the cargo base of both ports as CXP is in a position to optimise its port facilities by focusing on larger ships whilst CCIP's port facilities are more suited for smaller ships and domestic cargoes.

- See more at: http://sbr.com.sg/transport-logistics/mo...ezhfl.dpuf
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#14
I have no doubts that Pan U will pull off with the acquisitions. They have played mickey around Macquarie bankers for many years only to buy back CXP at a better deal.

The only question is the valuation especially in the light of slowing local property market that may moderate demand for construction materials going forward.

Vested
Odd Lots
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#15
If the ports are run well, it is a monopoly much like banks making income from fees. This income path was from my observation from our local Jurong Port and PSA. Users pay fees to use the online system as well as pay wharve charges.

I will be looking forward to the growth pie in this port handling sector of their biz. (See photo)
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#16
hi Buddy,

Welcome to China. Jur Port and PSA are located in Singapore. HPH has a track record that you may want to reflect on if you choose to.

Good Luck with your dreams.
GG


(19-02-2014, 08:11 PM)orangetea Wrote: If the ports are run well, it is a monopoly much like banks making income from fees. This income path was from my observation from our local Jurong Port and PSA. Users pay fees to use the online system as well as pay wharve charges.

I will be looking forward to the growth pie in this port handling sector of their biz. (See photo)
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#17
Peer comparison

I believe there is an Engro thread on VB and to be read to know the history first.

I see more Pan U trucks on road than Engro ones. I like what i see.
[Image: KB9FGDk.png]
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#18
Photos

The Blue,white band is the Pan United Silo
[Image: 0yg6hOq.png]

[Image: Pan%20United%20Cement%20Silo%209%20963x492.jpg]

[Image: Pan%20United%20Cement%20Silo%208%20963x492.jpg]

[Image: Pan%20United%20Cement%20Silo%2011%20widthx492.jpg]

[Image: Pan%20United%20Cement%20Silo%207%20widthx492.jpg]

Silo project by Aurecon
http://www.aurecongroup.com/en/projects/...ement.aspx
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#19
Raffles Cement Pte. Ltd., a joint venture between Pan-United Industries Pte. Ltd. (a wholly owned subsidiary of Pan-United Corporation Ltd.) and Itochu Singapore Pte. Ltd., in the Building Agreement and 20-year lease of a piece of land at Pulau Damar Laut, Singapore ("Property") with Jurong Port Pte. Ltd. in relation to the construction of storage facility buildings and other structures on the Property for the installation of equipment fixtures and fittings for the purpose of blending, packing, storage and dispatch of cement and other materials used in the blending of cement, and thereafter, the Property is to be used by Raffles Cement Pte. Ltd. for the aforesaid purposes.

The new Raffles Cement silo was recently completed at Pulau Damar Laut last year after the painting went up.

From filings 22 Nov 2011, Raffles Cement is a joint venture agreement (âJVAâ) with Itochu Corporation (âItochu Corporationâ), Itochu Singapore Pte Ltd (âItochu Singaporeâ) and Ube Industries Ltd (âUbe Industriesâ) to establish a joint-venture company, to be known as Raffles Cement Pte Ltd, for the purposes of the development, construction and operations of cement terminals and general importers and exporters of cement.
Pan United Corp holds 49% stake.
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#20
(19-02-2014, 08:11 PM)orangetea Wrote: If the ports are run well, it is a monopoly much like banks making income from fees. This income path was from my observation from our local Jurong Port and PSA. Users pay fees to use the online system as well as pay wharve charges.

I will be looking forward to the growth pie in this port handling sector of their biz. (See photo)

[Image: kUtRstO.png]
[Image: 01HQuG9.png]
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